NEW YORK, New York - U.S. stocks were on the boil on Thursday as demand grew for bank stocks.
All the major indices made solid advances.
"So far bank earnings have been strong. It gives traders some hope we will see a strong earnings season," Tim Ghriskey, Chief Investment Strategist at Inverness Counsel in New York told Reuters Thursday.
"But if we start to see poor guidance from companies, the market could come right back down."
The Dow Jones rallied 534.75 points or 1.56 percent to 34,912.56.
The Nasdaq Composite rose 251.71 points or 1.73 percent to 14,823.43.
The Standard and Poor's 500 advanced 74.46 points or 1.71 percent to 4,438.26.
On foreign exchange markets, the U.S. dollar got humbled. The euro settled around 1.1598 towards the New York close Thursday, after earlier hitting the day's high of 1.1624.
The British pound accelerated above 1.3700 before steadying at 1.3677 around the New York close.
The Japanese yen was little changed at 113.62, while the Swiss franc traded in a tight range around 0.9234.
The commodity bloc was considerably stronger. The Canadian dollar cruised to 1.2377. The unassailable Australian dollar surged to 0.7415. The New Zealand dollar rallied hard to 0.7037.
European markets also rallied. In Germany, the benchmark Dax index jumped 1.40 percent. In Paris, the CAC 40 climbed 1.33 percent.
London's FTSE 100 was also on fire, rallying 0.92 percent.
On Asian markets, in Tokyo, the Nikkei 225 jumped 410.65 points or 1.46 percent to 28,550.93.
The Australian All Ordinaries garnered 48.30 points or 0.64 percent to 7,620.20.
The Shanghai Composite in China slipped 3.48 points or 0.10 percent to 3,558.28.
The Hang Seng in Hong Kong incredibly lost just one-hundredth of a single point to 24,962.59.